In its first response to complaints against the Big Four global accounting firms, the department of company affairs has said the existing laws ensure a level field for local chartered accountants and the multinational consulting firms.
However, the department is willing to initiate wider discussion with industry chambers and professional bodies on the allegations made by the Chartered Accountants Action Committee about the undue advantages enjoyed by multinational firms.
M M K Sardana, secretary in the department of company affairs, has in a letter to S Gurumurthy, member of the Chartered Accountants Action Committee, said consultations would be encouraged on surrogate audits, non-tariff barriers and the foreign investment policy.
Accordingly, the industry associations have been requested to deliberate on the subject.